Hong Kong was ranked the seventh most competitive economy by the International Institute for Management Development in its World Competitiveness Yearbook 2023, compared to fifth last year.

Among the four competitiveness factors, Hong Kong continued to rank second globally in government efficiency while its ranking in infrastructure also improved. 

Yet, due to the upsurge in the COVID-19 epidemic last year, Hong Kong’s ranking in business efficiency fell slightly and its ranking in economic performance also dropped as the city’s economy weakened notably and recorded negative growth in 2022.

On sub-factors, the city continued to top the ranking in business legislation and was in the top five positions in tax policy, international investment, international trade and technological infrastructure.

Date: 2023.06.20